iShares Trust


		FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

iShares MSCI Brazil Small-Cap ETF | EWZS | NASDAQ

iShares MSCI China ETF | MCHI | NASDAQ

iShares MSCI China Small-Cap ETF | ECNS | NYSE Arca

iShares MSCI Indonesia ETF | EIDO | NYSE Arca

iShares MSCI Peru ETF | EPU | NYSE Arca

iShares MSCI Philippines ETF | EPHE | NYSE Arca

iShares MSCI Poland ETF | EPOL | NYSE Arca

iShares MSCI Qatar ETF | QAT | NASDAQ

iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

iShares MSCI UAE ETF | UAE | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		1.26	%		(7.69	)%

U.S. small cap equities (Russell 2000^® Index)		3.63			(6.02	)

International equities (MSCI Europe, Australasia, Far East Index)		12.58			(3.14	)

Emerging market equities (MSCI Emerging Markets Index)		(2.29	)		(15.28	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.74			2.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(4.81	)		(14.06	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.13	)		(9.72	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.66			(5.10	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.52			(5.45	)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		14
Disclosure of Expenses		14
Schedules of Investments		15
Financial Statements
Statements of Assets and Liabilities		52
Statements of Operations		55
Statements of Changes in Net Assets		58
Financial Highlights		63
Notes to Financial Statements		73
Statement Regarding Liquidity Risk Management Program		83
Supplemental Information		84
General Information		85
Glossary of Terms Used in this Report		86


Fund Summary as of February 28, 2023		iShares^® MSCI Brazil Small-Cap ETF

Investment Objective

The iShares MSCI Brazil Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Brazilian equities, as represented by the MSCI Brazil Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(13.30	)%		(17.71	)%		(5.10	)%		(5.83	)%		(17.71	)%		(23.02	)%		(45.14	)%
Fund Market		(13.15	)		(19.02	)		(5.24	)		(5.90	)		(19.02	)		(23.58	)		(45.56	)
Index		(13.18	)		(17.40	)		(4.32	)		(5.27	)		(17.40	)		(19.83	)		(41.80	)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 867.00	$ 2.73		$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	18.7	%
Consumer Discretionary	17.9
Utilities	13.1
Consumer Staples	12.7
Materials	11.8
Real Estate	8.7
Health Care	5.5
Energy	4.7
Information Technology	4.3
Financials	2.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Embraer SA	4.6	%
Metalurgica Gerdau SA (Preferred)	3.3
Transmissora Alianca de Energia Eletrica SA	2.9
Aliansce Sonae Shopping Centers SA	2.8
Multiplan Empreendimentos Imobiliarios SA	2.8
Bradespar SA (Preferred)	2.8
3R Petroleum Oleo E Gas SA	2.6
Cielo SA	2.3
SLC Agricola SA	2.3
EDP - Energias do Brasil SA	2.0


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI China ETF

Investment Objective

The iShares MSCI China ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, as represented by the MSCI China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(2.44	)%		(16.57	)%		(5.96	)%		1.92	%		(16.57	)%		(26.47	)%		20.95	%
Fund Market		(2.26	)		(16.65	)		(5.77	)		1.93			(16.65	)		(25.72	)		21.10
Index		(2.83	)		(16.14	)		(5.49	)		2.44			(16.14	)		(24.58	)		27.28

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 975.60	$ 2.89		$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Consumer Discretionary	29.3	%
Communication Services	19.0
Financials	15.7
Health Care	6.3
Information Technology	6.1
Consumer Staples	5.7
Industrials	5.5
Materials	3.7
Real Estate	3.5
Energy	2.6
Utilities	2.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Tencent Holdings Ltd.	13.3	%
Alibaba Group Holding Ltd.	7.9
Meituan, Class B	4.3
China Construction Bank Corp., Class H	2.9
JD.com Inc., Class A	2.3
Pinduoduo Inc.	2.2
Ping An Insurance Group Co. of China Ltd., Class H	2.1
Baidu Inc.	1.9
NetEase Inc.	1.5
Bank of China Ltd., Class H	1.4


F U N D S U M M A R Y		5


Fund Summary as of February 28, 2023		iShares^® MSCI China Small-Cap ETF

Investment Objective

The iShares MSCI China Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Chinese equities that are available to international investors, as represented by the MSCI China Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		5.67	%		(14.05	)%		(3.21	)%		1.80	%		(14.05	)%		(15.04	)%		19.49	%
Fund Market		6.20			(14.57	)		(3.10	)		1.78			(14.57	)		(14.58	)		19.27
Index		4.93			(14.46	)		(5.18	)		0.24			(14.46	)		(23.36	)		2.44

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 1,056.70	$ 3.01		$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Health Care	20.0	%
Consumer Discretionary	15.1
Real Estate	13.5
Information Technology	10.8
Industrials	9.8
Materials	7.8
Communication Services	7.3
Financials	6.6
Utilities	3.9
Consumer Staples	3.8
Energy	1.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

JinkoSolar Holding Co. Ltd.	2.3	%
International Alliance Financial Leasing Co. Ltd.	1.9
HUTCHMED China Ltd.	1.6
Lifetech Scientific Corp.	1.4
Hello Group Inc.	1.4
Jinxin Fertility Group Ltd.	1.3
Keymed Biosciences Inc.	1.3
Weimob Inc.	1.2
China Education Group Holdings Ltd.	1.1
RLX Technology Inc.	1.0


6		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI Indonesia ETF

Investment Objective

The iShares MSCI Indonesia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Indonesian equities, as represented by the MSCI Indonesia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(3.34	)%		(2.91	)%		(2.72	)%		(2.31	)%		(2.91	)%		(12.87	)%		(20.84	)%
Fund Market		(2.60	)		(3.54	)		(2.56	)		(2.31	)		(3.54	)		(12.15	)		(20.86	)
Index		(3.36	)		(1.97	)		(2.17	)		(1.80	)		(1.97	)		(10.41	)		(16.61	)

Index performance through May 28, 2019 reflects the performance of MSCI Indonesia Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Indonesia IMI 25/50 Index.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 966.60	$ 2.88		$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	45.3	%
Consumer Staples	11.3
Materials	11.0
Communication Services	9.2
Energy	7.7
Consumer Discretionary	6.7
Health Care	3.3
Real Estate	2.3
Industrials	1.9
Utilities	1.1
Information Technology	0.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Bank Central Asia Tbk PT	19.8	%
Bank Rakyat Indonesia Persero Tbk PT	12.5
Telkom Indonesia Persero Tbk PT	6.8
Bank Mandiri Persero Tbk PT	6.1
Astra International Tbk PT	4.1
Bank Negara Indonesia Persero Tbk PT	3.4
Kalbe Farma Tbk PT	2.5
Merdeka Copper Gold Tbk PT	2.4
Adaro Energy Indonesia Tbk PT	2.4
Charoen Pokphand Indonesia Tbk PT	2.2


F U N D S U M M A R Y		7


Fund Summary as of February 28, 2023		iShares^® MSCI Peru ETF

Investment Objective

The iShares MSCI Peru ETF (the “Fund”) seeks to track the investment results of an index composed of Peruvian equities, as represented by the MSCI All Peru Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On March 29, 2023, the Board approved a proposal to change the name of MSCI Peru to MSCI Peru and Global Exposure as well as the Fund’s investment objective. These changes became effective on April 10, 2023.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		17.02	%		(10.43	)%		(4.16	)%		(1.77	)%		(10.43	)%		(19.12	)%		(16.35	)%
Fund Market		16.16			(12.05	)		(4.23	)		(1.91	)		(12.05	)		(19.44	)		(17.55	)
Index		17.28			(9.87	)		(3.91	)		(1.30	)		(9.87	)		(18.08	)		(12.23	)

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 1,170.20	$ 3.17		$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Materials	47.8	%
Financials	26.7
Consumer Staples	8.1
Consumer Discretionary	5.3
Industrials	4.6
Energy	2.8
Real Estate	2.7
Utilities	2.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Credicorp Ltd.	22.5	%
Southern Copper Corp.	22.3
Cia. de Minas Buenaventura SAA	4.7
Alicorp SAA	4.2
Ferreycorp SAA	3.7
Sociedad Minera Cerro Verde SAA	3.5
InRetail Peru Corp.	2.9
PetroTal Corp.	2.8
Falabella SA	2.7
Parque Arauco SA	2.7


8		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI Philippines ETF

Investment Objective

The iShares MSCI Philippines ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Philippine equities, as represented by the MSCI Philippines IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		0.77	%		(16.66	)%		(5.26	)%		(3.21	)%		(16.66	)%		(23.69	)%		(27.81	)%
Fund Market		1.31			(18.53	)		(5.22	)		(3.24	)		(18.53	)		(23.50	)		(28.06	)
Index		0.92			(15.93	)		(4.56	)		(2.52	)		(15.93	)		(20.81	)		(22.50	)

Index performance through November 30, 2020 reflects the performance of the MSCI Philippines Investible Market Index (IMI). Index performance beginning on December 1, 2020 reflects the performance of the MSCI Philippines IMI 25/50 Index.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 1,007.70	$ 2.94		$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	28.4	%
Financials	20.7
Real Estate	20.3
Consumer Staples	9.9
Consumer Discretionary	7.5
Communication Services	5.7
Utilities	5.4
Energy	1.1
Materials	1.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

SM Prime Holdings Inc.	11.5	%
BDO Unibank Inc.	8.3
Ayala Land Inc.	5.9
SM Investments Corp.	5.9
Bank of the Philippine Islands	4.9
International Container Terminal Services Inc.	4.5
Ayala Corp.	4.2
PLDT Inc.	4.0
JG Summit Holdings Inc.	4.0
Jollibee Foods Corp.	3.9


F U N D S U M M A R Y		9


Fund Summary as of February 28, 2023		iShares^® MSCI Poland ETF

Investment Objective

The iShares MSCI Poland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Polish equities, as represented by the MSCI Poland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		27.62	%		(9.81	)%		(8.08	)%		(3.09	)%		(9.81	)%		(34.39	)%		(26.95	)%
Fund Market		27.86			(9.59	)		(7.99	)		(3.07	)		(9.59	)		(34.05	)		(26.79	)
Index		27.85			(10.21	)		(7.98	)		(2.88	)		(10.21	)		(34.01	)		(25.31	)

Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 1,276.20	$ 3.33		$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	39.9	%
Energy	16.7
Consumer Discretionary	12.7
Materials	7.6
Communication Services	7.4
Consumer Staples	5.3
Utilities	4.6
Information Technology	3.0
Industrials	2.1
Health Care	0.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Polski Koncern Naftowy ORLEN SA	16.7	%
Powszechna Kasa Oszczednosci Bank Polski SA	10.6
Powszechny Zaklad Ubezpieczen SA	8.6
Bank Polska Kasa Opieki SA	6.4
Dino Polska SA	4.6
KGHM Polska Miedz SA	4.3
Santander Bank Polska SA	4.3
Allegro.eu SA	4.2
LPP SA	4.1
CD Projekt SA	3.5


10		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI Qatar ETF

Investment Objective

The iShares MSCI Qatar ETF (the “Fund”) seeks to track the investment results of an index composed of Qatar equities, as represented by the MSCI All Qatar Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(18.43	)%		(16.44	)%		6.47	%		0.14	%		(16.44	)%		36.82	%		1.27	%
Fund Market		(18.75	)		(17.19	)		6.56			0.11			(17.19	)		37.42			1.01
Index		(18.87	)		(15.67	)		7.20			0.76			(15.67	)		41.59			6.94

The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 815.70	$ 2.66		$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	52.3	%
Industrials	14.4
Energy	8.9
Materials	8.2
Real Estate	5.0
Communication Services	4.9
Utilities	3.5
Consumer Staples	2.0
Health Care	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Qatar National Bank QPSC	23.4	%
Qatar Islamic Bank SAQ	12.1
Industries Qatar QSC	8.3
Commercial Bank PSQC (The)	4.5
Masraf Al Rayan QSC	4.4
Mesaieed Petrochemical Holding Co.	4.1
Qatar Gas Transport Co. Ltd.	4.0
Qatar International Islamic Bank QSC	3.8
Qatar Fuel QSC	3.7
Qatar Electricity & Water Co. QSC	3.5


F U N D S U M M A R Y		11


Fund Summary as of February 28, 2023		iShares^® MSCI Saudi Arabia ETF

Investment Objective

The iShares MSCI Saudi Arabia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Saudi Arabian equities, as represented by the MSCI Saudi Arabia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(17.34	)%		(19.46	)%		8.54	%		7.45	%		(19.46	)%		50.65	%		70.87	%
Fund Market		(17.30	)		(20.71	)		8.54			7.39			(20.71	)		50.62			70.15
Index		(17.15	)		(18.43	)		9.30			8.27			(18.43	)		55.96			80.89

The inception date of the Fund was September 16, 2015. The first day of secondary market trading was September 17, 2015.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 826.60	$ 3.35		$ 1,000.00	$ 1,021.10	$ 3.71		0.74	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	41.9	%
Materials	22.6
Energy	8.1
Communication Services	7.6
Health Care	4.6
Consumer Staples	4.5
Consumer Discretionary	3.0
Utilities	3.0
Real Estate	2.2
Industrials	1.9
Information Technology	0.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Al Rajhi Bank	13.2	%
Saudi National Bank (The)	9.9
Saudi Basic Industries Corp.	7.5
Saudi Arabian Oil Co.	7.1
Saudi Telecom Co.	4.5
Saudi Arabian Mining Co.	4.4
Riyad Bank	3.5
Saudi British Bank (The)	3.0
Alinma Bank	2.9
SABIC Agri-Nutrients Co.	2.4


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI UAE ETF

Investment Objective

The iShares MSCI UAE ETF (the “Fund”) seeks to track the investment results of an index composed of UAE equities, as represented by the MSCI All UAE Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(9.20	)%		(14.24	)%		1.49	%		(2.11	)%		(14.24	)%		7.67	%		(17.20	)%
Fund Market		(10.04	)		(14.40	)		1.68			(2.10	)		(14.40	)		8.68			(17.10	)
Index		(8.94	)		(13.35	)		2.41			(1.37	)		(13.35	)		12.64			(11.46	)

The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 908.00	$ 2.79		$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	40.1	%
Communication Services	23.4
Real Estate	13.5
Industrials	12.7
Consumer Discretionary	5.1
Utilities	2.3
Energy	1.6
Consumer Staples	1.3
Health Care	0.0	^(b)

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Emirates Telecommunications Group Co. PJSC	21.6	%
First Abu Dhabi Bank PJSC	15.1
Emaar Properties PJSC	7.6
Abu Dhabi Islamic Bank PJSC	4.7
Emirates NBD Bank PJSC	4.6
Abu Dhabi National Oil Co. for Distribution PJSC	4.5
Dubai Islamic Bank PJSC	4.5
Abu Dhabi Commercial Bank PJSC	4.3
Multiply Group	4.1
Aldar Properties PJSC	4.0


F U N D S U M M A R Y		13

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


14		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Brazil Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 4.6%
Embraer SA^(a)		1,099,739	$	3,484,833


Auto Components — 0.5%
Mahle-Metal Leve SA		60,234		370,922


Biotechnology — 0.4%
Blau Farmaceutica SA^(a)		56,144		305,629


Commercial Services & Supplies — 2.1%
Ambipar Participacoes e Empreendimentos SA		70,689		274,496
GPS Participacoes e Empreendimentos SA^(a)(b)		419,187		944,791
Orizon Valorizacao de Residuos SA^(a)		55,942		417,899


				1,637,186

Communications Equipment — 0.9%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		128,162		693,509


Diversified Consumer Services — 2.7%
Anima Holding SA^(a)		473,984		288,802
Cogna Educacao^(a)		2,936,534		1,133,007
YDUQS Participacoes SA		459,482		618,733


				2,040,542

Electric Utilities — 6.6%
Alupar Investimento SA		229,274		1,188,969
EDP - Energias do Brasil SA		409,236		1,534,405
Light SA		408,085		194,866
Transmissora Alianca de Energia Eletrica SA		320,485		2,172,500


				5,090,740

Food & Staples Retailing — 2.2%
Cia. Brasileira de Distribuicao		253,243		751,682
Grupo Mateus SA^(a)		864,302		931,088


				1,682,770

Food Products — 10.4%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		72,090		357,183
BRF SA^(a)		1,016,320		1,195,796
Camil Alimentos SA		197,166		302,408
Jalles Machado SA		161,401		240,771
M. Dias Branco SA		132,618		850,354
Marfrig Global Foods SA		516,388		628,292
Minerva SA		427,628		925,427
Sao Martinho SA		249,282		1,295,107
SLC Agricola SA		182,651		1,718,900
Tres Tentos Agroindustrial SA		194,122		472,379


				7,986,617

Health Care Providers & Services — 5.0%
Alliar Medicos A Frente SA^(a)		74,042		293,456
CM Hospitalar SA		156,705		527,094
Fleury SA		365,116		989,599
Hospital Mater Dei SA		149,568		242,259
Instituto Hermes Pardini SA		71,735		263,896
Odontoprev SA		444,771		980,366
Oncoclinicas do Brasil Servicos Medicos SA^(a)		233,870		339,496
Qualicorp Consultoria e Corretora de Seguros SA		222,214		198,214


				3,834,380

Hotels, Restaurants & Leisure — 1.4%
Smartfit Escola de Ginastica e Danca SA^(a)		366,943		1,088,469


Household Durables — 4.3%
Cury Construtora e Incorporadora SA		205,528		494,638


Security	Shares		Value

Household Durables (continued)
Cyrela Brazil Realty SA Empreendimentos e Participacoes		469,141	$	1,342,336
Direcional Engenharia SA		152,569		448,488
Ez Tec Empreendimentos e Participacoes SA		172,903		419,753
MRV Engenharia e Participacoes SA		491,509		553,898


				3,259,113

Independent Power and Renewable Electricity Producers — 3.5%
AES Brasil Energia SA		376,761		713,877
Auren Energia SA		391,203		1,105,885
Omega Energia SA^(a)		487,228		858,974


				2,678,736

Insurance — 0.5%
IRB Brasil Resseguros S/A^(a)		115,853		417,787


IT Services — 3.1%
Cielo SA		1,913,086		1,753,968
Locaweb Servicos de Internet SA^(a)(b)		695,375		649,492


				2,403,460

Machinery — 1.4%
Iochpe Maxion SA		216,488		466,019
Tupy SA		112,805		584,984


				1,051,003

Marine — 0.4%
Hidrovias do Brasil SA^(a)		773,406		273,291


Metals & Mining — 1.2%
Bradespar SA		53,982		257,256
Cia. Brasileira de Aluminio		233,092		463,918
Metalurgica Gerdau SA		85,699		183,824


				904,998

Oil, Gas & Consumable Fuels — 4.6%
3R Petroleum Oleo E Gas SA^(a)		285,318		1,984,248
Enauta Participacoes SA		166,375		437,908
Petroreconcavo SA		206,305		1,115,173


				3,537,329

Paper & Forest Products — 1.0%
Dexco SA		589,428		734,048


Professional Services — 0.6%
Boa Vista Servicos SA		333,131		482,951


Real Estate Management & Development — 8.7%
Aliansce Sonae Shopping Centers SA		651,790		2,126,383
BR Properties SA		7,420		340,528
Iguatemi SA		336,465		1,242,275
Iguatemi SA		364,659		170,647
JHSF Participacoes SA		531,510		429,436
LOG Commercial Properties e Participacoes SA		71,937		202,121
Multiplan Empreendimentos Imobiliarios SA		442,204		2,125,944


				6,637,334

Road & Rail — 2.9%
Movida Participacoes SA		226,774		285,013
SIMPAR SA		524,780		719,694
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		481,366		1,221,011


				2,225,718

Specialty Retail — 2.1%
Grupo SBF SA		152,473		238,810
Pet Center Comercio e Participacoes SA		541,788		667,475


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Brazil Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Via S/A^(a)		2,000,994	$	737,648


				1,643,933

Technology Hardware, Storage & Peripherals — 0.2%
Multilaser Industrial SA		320,997		141,018


Textiles, Apparel & Luxury Goods — 5.9%
Arezzo Industria e Comercio SA		103,452		1,474,089
Grendene SA		494,098		621,934
Grupo De Moda Soma SA		798,188		1,338,584
Guararapes Confeccoes SA		156,231		131,897
Vivara Participacoes SA		166,322		688,422
Vulcabras Azaleia SA		130,667		289,015


				4,543,941

Trading Companies & Distributors — 1.0%
Armac Locacao Logistica E Servicos SA		162,435		421,333
Mills Estruturas e Servicos de Engenharia SA		173,442		375,344


				796,677

Transportation Infrastructure — 2.8%
EcoRodovias Infraestrutura e Logistica SA		381,371		298,660
Santos Brasil Participacoes SA		810,872		1,240,597
Wilson Sons Holdings Brasil SA, NVS		308,518		602,251


				2,141,508

Water Utilities — 2.0%
Cia. de Saneamento de Minas Gerais-COPASA		297,512		808,072
Cia. de Saneamento do Parana		220,555		718,691


				1,526,763

Total Common Stocks — 83.0% (Cost: $67,250,420)				63,615,205


Preferred Stocks

Aerospace & Defense — 0.4%
Taurus Armas SA, Preference Shares, NVS		112,595		313,346


Airlines — 1.2%
Azul SA, Preference Shares, NVS		446,402		607,941
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		289,894		306,204


				914,145

Banks — 2.0%
Banco ABC Brasil SA, Preference Shares, NVS		132,201		458,308
Banco do Estado do Rio Grande do Sul SA, Class B,
Preference Shares, NVS		316,931		604,750
Banco Pan SA, Preference Shares, NVS		507,603		498,349


				1,561,407

Chemicals — 1.5%
Unipar Carbocloro SA, Class B, Preference Shares, NVS		76,660		1,161,003


Security	Shares		Value

Electric Utilities — 0.2%
Cia Energetica do Ceara, Class A, Preference Shares, NVS		22,105	$	192,109


Machinery — 1.2%
Marcopolo SA, Preference Shares, NVS		757,703		457,333
Randon SA Implementos e Participacoes, Preference Shares, NVS		283,063		430,370


				887,703

Metals & Mining — 8.1%
Bradespar SA, Preference Shares, NVS		399,202		2,109,069
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS		55,282		606,624
Metalurgica Gerdau SA, Preference Shares, NVS		1,046,435		2,514,426
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		728,559		950,455


				6,180,574

Textiles, Apparel & Luxury Goods — 0.8%
Alpargatas SA, Preference Shares, NVS		349,436		629,398


Water Utilities — 0.6%
Cia de Saneamento do Parana, Preference Shares, NVS		694,282		452,206


Total Preferred Stocks — 16.0% (Cost: $12,492,964)				12,291,891


Total Long-Term Investments — 99.0% (Cost: $79,743,384)				75,907,096


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(c)(d)		50,000		50,000


Total Short-Term Securities — 0.1% (Cost: $50,000)				50,000


Total Investments — 99.1% (Cost: $79,793,384)				75,957,096

Other Assets Less Liabilities — 0.9%				692,015


Net Assets — 100.0%			$	76,649,111

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.


16		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Brazil Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	40,000	$	10,000	^(a)	$	—	$	—	$	—	$	50,000		50,000	$	2,515	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Brazil Index

03/17/23

$ 651

(27,011

)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts	Foreign Currency Exchange Contracts		Interest Rate Contracts	Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$ 27,011	$	—	$ —	$	—	$	27,011

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts	Foreign Currency Exchange Contracts		Interest Rate Contracts	Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$ 40,131	$	—	$ —	$	—	$	40,131


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$(54,066)	$	—	$ —	$	—	$	(54,066	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	765,363

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Brazil Small-Cap ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	62,901,328		$	713,877	$	—	$	63,615,205
Preferred Stocks		12,291,891			—		—		12,291,891
Short-Term Securities
Money Market Funds		50,000			—		—		50,000

	$	75,243,219		$	713,877	$	—	$	75,957,096

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(27,011	)	$	—	$	—	$	(27,011	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


18		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.1%
AECC Aero-Engine Control Co. Ltd., Class A		74,800	$	272,234
AECC Aviation Power Co. Ltd., Class A		694,476		4,583,859
AviChina Industry & Technology Co. Ltd., Class H		11,061,000		5,273,728
Kuang-Chi Technologies Co. Ltd., Class A		607,600		1,529,663


				11,659,484

Air Freight & Logistics — 0.7%
SF Holding Co. Ltd., Class A		1,215,283		9,411,117
YTO Express Group Co. Ltd., Class A		868,000		2,267,280
Yunda Holding Co. Ltd., Class A		868,557		1,592,751
ZTO Express Cayman Inc., ADR		1,713,317		41,222,407


				54,493,555

Airlines — 0.2%
Air China Ltd., Class A^(a)		1,736,014		2,774,749
Air China Ltd., Class H^(a)		6,966,000		6,422,879
China Eastern Airlines Corp. Ltd., Class A^(a)		3,472,096		2,713,196
China Southern Airlines Co. Ltd., Class A^(a)		3,385,234		3,847,681
China Southern Airlines Co. Ltd., Class H^(a)(b)		6,966,000		5,079,372


				20,837,877

Auto Components — 0.4%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		86,895		1,886,369
Fuyao Glass Industry Group Co. Ltd., Class A		434,098		2,316,353
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		2,430,400		10,891,461
Huayu Automotive Systems Co. Ltd., Class A		954,872		2,597,820
Huizhou Desay Sv Automotive Co. Ltd., Class A		174,100		2,852,404
Minth Group Ltd.		3,472,000		9,022,311
Ningbo Tuopu Group Co. Ltd., Class A		260,400		2,507,701
Sailun Group Co. Ltd., Class A		768,361		1,228,904
Shandong Linglong Tyre Co. Ltd., Class A		434,028		1,407,177
Shenzhen Kedali Industry Co. Ltd., Class A		86,800		1,527,874


				36,238,374

Automobiles — 3.8%
BYD Co. Ltd., Class A		448,969		16,797,580
BYD Co. Ltd., Class H		3,306,000		88,879,286
Chongqing Changan Automobile Co. Ltd., Class A		2,182,620		4,206,728
Dongfeng Motor Group Co. Ltd., Class H		9,374,000		4,788,868
Geely Automobile Holdings Ltd.		24,336,000		31,616,784
Great Wall Motor Co. Ltd., Class A		520,800		2,583,820
Great Wall Motor Co. Ltd., Class H		12,175,500		16,157,593
Guangzhou Automobile Group Co. Ltd., Class A		1,128,400		1,862,610
Guangzhou Automobile Group Co. Ltd., Class H		11,728,400		7,478,316
Li Auto Inc.^(a)		4,586,280		54,114,250
NIO Inc., ADR^(a)(b)		5,558,977		52,198,794
SAIC Motor Corp. Ltd., Class A		2,256,804		4,879,827
XPeng Inc.^(a)(b)		3,758,472		16,706,580
Yadea Group Holdings Ltd.^(c)		5,208,000		11,177,370


				313,448,406

Banks — 9.6%
Agricultural Bank of China Ltd., Class A		21,092,400		8,891,573
Agricultural Bank of China Ltd., Class H		115,937,000		40,195,033
Bank of Beijing Co. Ltd., Class A		5,215,799		3,249,336
Bank of Chengdu Co. Ltd., Class A		1,215,293		2,513,441
Bank of China Ltd., Class A		8,853,600		4,115,001
Bank of China Ltd., Class H		320,310,000		117,474,245
Bank of Communications Co. Ltd., Class A		9,680,722		6,825,274
Bank of Communications Co. Ltd., Class H		34,754,200		20,548,696
Bank of Hangzhou Co. Ltd., Class A		1,822,828		3,182,887


Security	Shares		Value

Banks (continued)
Bank of Jiangsu Co. Ltd., Class A		3,985,215	$	4,123,018
Bank of Nanjing Co. Ltd., Class A		3,088,804		4,404,392
Bank of Ningbo Co. Ltd., Class A		1,616,502		6,859,952
Bank of Shanghai Co. Ltd., Class A		4,340,010		3,734,239
China CITIC Bank Corp. Ltd., Class H		35,589,800		16,465,898
China Construction Bank Corp., Class A		2,129,514		1,728,378
China Construction Bank Corp., Class H		388,918,000		237,736,793
China Everbright Bank Co. Ltd., Class A		11,631,200		4,987,158
China Everbright Bank Co. Ltd., Class H		8,763,000		2,523,500
China Merchants Bank Co. Ltd., Class A		5,121,225		27,507,064
China Merchants Bank Co. Ltd., Class H		15,639,150		84,865,859
China Minsheng Banking Corp. Ltd., Class A		9,461,270		4,641,918
China Minsheng Banking Corp. Ltd., Class H		22,214,160		7,671,747
China Zheshang Bank Co. Ltd., Class A^(a)		4,985,900		2,095,052
Chongqing Rural Commercial Bank Co. Ltd., Class A		829,000		431,812
Huaxia Bank Co. Ltd., Class A		4,340,061		3,259,653
Industrial & Commercial Bank of China Ltd., Class A		15,276,800		9,450,997
Industrial & Commercial Bank of China Ltd., Class H		227,575,000		113,551,210
Industrial Bank Co. Ltd., Class A		5,068,210		12,329,253
Ping An Bank Co. Ltd., Class A		4,693,655		9,291,188
Postal Savings Bank of China Co. Ltd., Class A		7,030,800		4,573,265
Postal Savings Bank of China Co. Ltd., Class H^(c)		31,270,000		18,787,094
Shanghai Pudong Development Bank Co. Ltd., Class A		7,378,024		7,621,766
Shanghai Rural Commercial Bank Co. Ltd.		2,305,700		1,967,112


				797,603,804

Beverages — 3.4%
Anhui Gujing Distillery Co. Ltd., Class A		97,596		3,838,850
Anhui Gujing Distillery Co. Ltd., Class B		434,380		7,467,013
Anhui Kouzi Distillery Co. Ltd., Class A		145,200		1,439,496
Anhui Yingjia Distillery Co. Ltd., Class A		150,000		1,514,213
Beijing Yanjing Brewery Co. Ltd., Class A		682,100		1,323,990
China Resources Beer Holdings Co. Ltd.		6,598,000		48,812,474
Chongqing Brewery Co. Ltd., Class A		173,600		3,435,194
Jiangsu King’s Luck Brewery JSC Ltd., Class A		347,203		3,203,492
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		347,276		8,479,827
JiuGui Liquor Co. Ltd., Class A		87,400		1,907,301
Kweichow Moutai Co. Ltd., Class A		306,655		80,105,364
Luzhou Laojiao Co. Ltd., Class A		367,700		13,202,501
Nongfu Spring Co. Ltd., Class H^(b)(c)		7,095,800		39,829,891
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		294,997		1,780,674
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		295,286		12,020,193
Sichuan Swellfun Co. Ltd., Class A		108,552		1,293,137
Tsingtao Brewery Co. Ltd., Class A		173,663		2,786,063
Tsingtao Brewery Co. Ltd., Class H		2,396,000		23,647,985
Wuliangye Yibin Co. Ltd., Class A		958,077		28,115,354


				284,203,012

Biotechnology — 1.5%
3SBio Inc.^(c)		5,941,000		5,891,335
Akeso Inc.^(a)(c)		1,865,000		9,503,911
BeiGene Ltd.^(a)		2,527,534		43,810,543
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		114,475		2,089,718
BGI Genomics Co. Ltd., Class A		173,699		1,390,354
Bloomage Biotechnology Corp. Ltd.		68,688		1,253,942
Chongqing Zhifei Biological Products Co. Ltd., Class A		434,040		5,593,468
Hualan Biological Engineering Inc., Class A		475,872		1,517,862
Imeik Technology Development Co. Ltd., Class A		49,944		4,222,282
Innovent Biologics Inc.^(a)(c)		4,051,500		19,704,979


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Legend Biotech Corp., ADR^(a)(b)		199,714	$	9,222,793
Shanghai Junshi Biosciences Co. Ltd., Class A^(a)		173,600		1,319,471
Shanghai RAAS Blood Products Co. Ltd., Class A		2,343,600		2,090,739
Shenzhen Kangtai Biological Products Co. Ltd., Class A		273,188		1,362,345
Walvax Biotechnology Co. Ltd., Class A		434,097		2,386,083
Zai Lab Ltd., ADR^(a)(b)		357,616		13,285,434


				124,645,259

Building Products — 0.1%
Beijing New Building Materials PLC, Class A		520,870		2,251,841
China Lesso Group Holdings Ltd.		4,351,000		4,589,368
Guangdong Kinlong Hardware Products Co. Ltd., Class A		87,400		1,207,568
Zhejiang Weixing New Building Materials Co. Ltd., Class A		222,100		820,669
Zhuzhou Kibing Group Co. Ltd., Class A		694,400		1,093,431


				9,962,877

Capital Markets — 1.7%
Caitong Securities Co. Ltd., Class A		242,400		268,769
Changjiang Securities Co. Ltd., Class A		2,517,236		2,047,074
China Cinda Asset Management Co. Ltd., Class H		36,235,000		4,709,585
China Galaxy Securities Co. Ltd., Class A		1,235,800		1,710,043
China Galaxy Securities Co. Ltd., Class H		12,177,000		6,069,516
China International Capital Corp. Ltd., Class A		348,002		2,097,943
China International Capital Corp. Ltd., Class H^(c)		5,696,400		12,264,771
China Merchants Securities Co. Ltd., Class A		1,996,468		4,016,196
CITIC Securities Co. Ltd., Class A		2,952,631		8,771,307
CITIC Securities Co. Ltd., Class H		7,870,800		16,674,443
CSC Financial Co. Ltd., Class A		1,215,299		4,681,401
Dongxing Securities Co. Ltd., Class A		1,215,211		1,502,024
East Money Information Co. Ltd., Class A		3,223,876		9,679,805
Everbright Securities Co. Ltd., Class A		1,041,699		2,343,857
First Capital Securities Co. Ltd., Class A		1,388,889		1,195,299
GF Securities Co. Ltd., Class A		1,507,399		3,534,629
GF Securities Co. Ltd., Class H		4,175,000		5,927,712
Guosen Securities Co. Ltd., Class A		2,083,233		2,892,091
Guotai Junan Securities Co. Ltd., Class A		2,135,759		4,390,214
Guoyuan Securities Co. Ltd., Class A		1,539,070		1,558,721
Haitong Securities Co. Ltd., Class A		2,517,259		3,313,084
Haitong Securities Co. Ltd., Class H		10,416,000		6,703,227
Hithink RoyalFlush Information Network Co. Ltd., Class A		118,587		2,016,620
Huatai Securities Co. Ltd., Class A		2,343,693		4,248,477
Huatai Securities Co. Ltd., Class H^(c)		4,938,600		5,559,319
Huaxi Securities Co. Ltd., Class A		1,302,073		1,546,839
Industrial Securities Co. Ltd., Class A		2,619,792		2,423,157
Orient Securities Co. Ltd., Class A		2,137,321		3,136,425
SDIC Capital Co. Ltd., Class A		814,600		825,167
Sealand Securities Co. Ltd., Class A		2,690,837		1,349,682
Shanxi Securities Co. Ltd., Class A		1,441,341		1,201,149
Shenwan Hongyuan Group Co. Ltd., Class A		7,162,179		4,344,644
SooChow Securities Co. Ltd., Class A		1,773,435		1,795,931
Western Securities Co. Ltd., Class A		1,996,430		1,902,048
Zheshang Securities Co. Ltd., Class A		1,128,400		1,674,928
Zhongtai Securities Co. Ltd.		1,388,800		1,391,928


				139,768,025

Chemicals — 1.3%
Chengxin Lithium Group Co. Ltd., Class A		260,400		1,420,240
CNGR Advanced Material Co. Ltd.		86,776		876,879
Do-Fluoride New Materials Co. Ltd., Class A		260,400		1,365,438


Security	Shares		Value

Chemicals (continued)
Dongyue Group Ltd.^(b)		5,701,000	$	6,456,307
Ganfeng Lithium Co. Ltd., Class H^(b)(c)		1,499,800		10,476,541
Ganfeng Lithium Group Co. Ltd., Class A		392,541		4,083,747
Guangzhou Tinci Materials Technology Co. Ltd., Class A		521,600		3,369,653
Hangzhou Oxygen Plant Group Co. Ltd., Class A		260,400		1,459,784
Hengli Petrochemical Co. Ltd., Class A		1,649,210		4,189,557
Hengyi Petrochemical Co. Ltd., Class A		1,562,476		1,824,238
Hoshine Silicon Industry Co. Ltd., Class A		173,600		2,447,676
Huafon Chemical Co. Ltd., Class A		1,518,000		1,780,584
Hubei Xingfa Chemicals Group Co. Ltd., Class A		347,200		1,753,333
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,830,170		1,799,922
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		1,041,600		1,414,181
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,130,100		2,521,398
Jiangsu Yangnong Chemical Co. Ltd., Class A		74,800		1,155,304
LB Group Co. Ltd., Class A		694,400		2,185,892
Ningbo Shanshan Co. Ltd.		749,791		1,928,286
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,864,700		4,240,020
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		1,215,200		4,329,010
Rongsheng Petrochemical Co. Ltd., Class A		2,691,292		5,233,373
Satellite Chemical Co. Ltd., Class A		938,043		2,346,198
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		694,400		3,609,284
Shanghai Putailai New Energy Technology Co. Ltd., Class A		347,200		2,509,961
Shenzhen Capchem Technology Co. Ltd., Class A		222,720		1,486,362
Shenzhen Dynanonic Co. Ltd.		13,200		429,260
Shenzhen Senior Technology Co. Ltd., Class A		316,997		967,460
Sichuan Yahua Industrial Group Co. Ltd., Class A		158,600		558,246
Sinoma Science & Technology Co. Ltd., Class A		520,800		1,723,928
Skshu Paint Co. Ltd., Class A^(a)		104,200		1,834,997
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		173,600		1,433,264
Tianqi Lithium Corp., Class A^(a)		347,200		4,087,529
Tongkun Group Co. Ltd., Class A		781,264		1,837,639
Wanhua Chemical Group Co. Ltd., Class A		781,273		11,723,906
Weihai Guangwei Composites Co. Ltd., Class A		173,600		1,663,118
Yunnan Energy New Material Co. Ltd., Class A		224,404		4,049,906
Yunnan Yuntianhua Co. Ltd.^(a)		260,400		909,217
Zangge Mining Co. Ltd.		260,400		1,044,456
Zhejiang Juhua Co. Ltd., Class A		607,572		1,646,269
Zhejiang Yongtai Technology Co. Ltd., Class A		260,400		870,130


				111,042,493

Commercial Services & Supplies — 0.1%
China Everbright Environment Group Ltd.		14,756,148		5,984,603
Shanghai M&G Stationery Inc., Class A		260,400		2,029,847
Zhejiang Weiming Environment Protection Co. Ltd., Class A		161,600		456,089


				8,470,539

Communications Equipment — 0.3%
BYD Electronic International Co. Ltd.		2,610,500		7,611,942
Guangzhou Haige Communications Group Inc. Co., Class A		1,388,884		1,902,989
Hengtong Optic-Electric Co. Ltd., Class A		248,400		526,276
Yealink Network Technology Corp. Ltd., Class A		203,094		1,946,180
Zhongji Innolight Co. Ltd., Class A		260,477		1,328,704
ZTE Corp., Class A		984,064		4,557,632
ZTE Corp., Class H		3,124,840		9,284,236


				27,157,959


20		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering — 0.8%
China Communications Services Corp. Ltd., Class H		10,176,800	$	3,956,690
China Conch Venture Holdings Ltd.		6,524,500		13,130,400
China Energy Engineering Corp. Ltd.		7,424,200		2,542,325
China National Chemical Engineering Co. Ltd., Class A		1,736,095		2,252,930
China Railway Group Ltd., Class A		4,342,098		3,774,457
China Railway Group Ltd., Class H		17,973,000		9,367,286
China State Construction Engineering Corp. Ltd., Class A		10,416,038		8,425,925
China State Construction International Holdings Ltd.		8,680,000		9,885,364
Metallurgical Corp. of China Ltd., Class A		5,989,200		2,939,260
Power Construction Corp. of China Ltd., Class A		4,253,297		4,394,223
Sichuan Road & Bridge Co. Ltd., Class A		1,128,400		2,063,234


				62,732,094

Construction Materials — 0.5%
Anhui Conch Cement Co. Ltd., Class A		1,160,191		5,122,622
Anhui Conch Cement Co. Ltd., Class H		4,774,000		17,526,843
China Jushi Co. Ltd., Class A		1,302,005		2,838,631
China National Building Material Co. Ltd., Class H		15,624,000		13,852,597
China Resources Cement Holdings Ltd.^(b)		10,416,000		5,604,638


				44,945,331

Consumer Finance — 0.2%
360 DigiTech Inc.^(b)		440,734		8,973,344
Lufax Holding Ltd., ADR		2,758,594		5,958,563


				14,931,907

Distributors — 0.0%
Wuchan Zhongda Group Co. Ltd., Class A		1,649,203		1,160,190


Diversified Consumer Services — 0.6%
Koolearn Technology Holding Ltd.^(a)(b)(c)		1,610,000		9,168,800
New Oriental Education & Technology Group Inc.^(a)		6,249,690		24,100,546
Offcn Education Technology Co. Ltd., Class A^(a)		1,492,500		1,226,239
TAL Education Group, ADR^(a)		1,821,367		12,804,210


				47,299,795

Diversified Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		3,031,482		1,897,599
Far East Horizon Ltd.^(b)		6,532,000		5,778,018


				7,675,617

Diversified Telecommunication Services — 0.2%
China Tower Corp. Ltd., Class H^(c)		178,844,000		19,368,941


Electrical Equipment — 1.1%
Beijing Easpring Material Technology Co. Ltd., Class A		124,000		1,063,710
Contemporary Amperex Technology Co. Ltd., Class A		595,622		34,509,392
Dongfang Electric Corp. Ltd., Class A		781,200		2,216,909
Eve Energy Co. Ltd., Class A		529,236		5,524,702
Fangda Carbon New Material Co. Ltd., Class A^(a)		1,388,847		1,336,775
Ginlong Technologies Co. Ltd., Class A^(a)		118,400		2,699,823
Gotion High-tech Co. Ltd., Class A		471,892		2,003,181
Hongfa Technology Co. Ltd., Class A		326,791		1,647,792
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		20,126		1,124,743
Jiangsu Zhongtian Technology Co. Ltd., Class A		868,000		2,005,216
Jiangxi Special Electric Motor Co. Ltd., NVS^(a)		335,200		861,249
Ming Yang Smart Energy Group Ltd., Class A		518,452		1,893,730
NARI Technology Co. Ltd., Class A		1,765,012		6,668,029
Ningbo Orient Wires & Cables Co. Ltd.		236,731		1,873,442
Ningbo Ronbay New Energy Technology Co. Ltd.		110,180		1,142,827
Pylon Technologies Co. Ltd., NVS		22,142		854,297
Shanghai Electric Group Co. Ltd., Class A^(a)		3,211,600		1,935,307
Sungrow Power Supply Co. Ltd., Class A		370,600		6,362,874


Security	Shares		Value

Electrical Equipment (continued)
Sunwoda Electronic Co. Ltd., Class A		520,808	$	1,616,874
Suzhou Maxwell Technologies Co. Ltd., Class A		35,592		1,877,051
TBEA Co. Ltd., Class A		1,128,457		3,500,560
Titan Wind Energy Suzhou Co. Ltd., Class A		434,000		955,256
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		783,320		1,279,133
Zhejiang Chint Electrics Co. Ltd., Class A		607,621		2,622,834


				87,575,706

Electronic Equipment, Instruments & Components — 1.3%
AAC Technologies Holdings Inc.^(a)		3,038,000		6,789,759
Avary Holding Shenzhen Co. Ltd., Class A		476,600		1,947,822
BOE Technology Group Co. Ltd., Class A		9,808,400		5,877,734
Chaozhou Three-Circle Group Co. Ltd., Class A		574,977		2,631,907
China Zhenhua Group Science & Technology Co. Ltd., Class A		142,700		2,132,987
Foxconn Industrial Internet Co. Ltd., Class A		2,343,686		3,237,641
GoerTek Inc., Class A		868,000		2,686,794
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		173,619		1,715,143
Hengdian Group DMEGC Magnetics Co. Ltd.		393,700		1,232,676
Kingboard Holdings Ltd.		2,613,000		9,328,760
Kingboard Laminates Holdings Ltd.		4,287,000		5,346,168
Lens Technology Co. Ltd., Class A		1,388,842		2,543,507
Lingyi iTech Guangdong Co., Class A^(a)		2,343,813		1,930,330
Luxshare Precision Industry Co. Ltd., Class A		1,823,041		7,834,997
Maxscend Microelectronics Co. Ltd., Class A		133,852		2,254,009
Raytron Technology Co. Ltd., Class A		70,314		467,795
Shengyi Technology Co. Ltd., Class A		781,200		2,037,551
Shennan Circuits Co. Ltd., Class A		104,424		1,198,145
Sunny Optical Technology Group Co. Ltd.		2,865,500		32,585,969
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		434,000		1,819,148
Tianma Microelectronics Co. Ltd., Class A		1,041,636		1,432,897
Unisplendour Corp. Ltd., Class A		731,527		2,669,421
Westone Information Industry Inc., Class A		229,500		1,033,714
Wingtech Technology Co. Ltd., Class A		347,200		2,689,465
Wuhan Guide Infrared Co. Ltd., Class A		982,557		1,684,041
WUS Printed Circuit Kunshan Co. Ltd., Class A		868,018		2,045,877
Xiamen Faratronic Co. Ltd.		74,800		1,639,049
Zhejiang Dahua Technology Co. Ltd., Class A		958,000		1,994,873
Zhejiang Supcon Technology Co. Ltd.		82,616		1,164,442


				111,952,621

Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H		7,160,000		7,640,380
Offshore Oil Engineering Co. Ltd., Class A		1,336,198		1,309,742
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		260,492		1,156,096


				10,106,218

Entertainment — 2.4%
37 Interactive Entertainment Network Technology
Group Co. Ltd., Class A		694,400		2,190,776
Beijing Enlight Media Co. Ltd., Class A		902,100		985,273
Bilibili Inc.^(a)		735,365		14,233,194
China Ruyi Holdings Ltd.^(a)(b)		19,752,000		4,908,787
iQIYI Inc., ADR^(a)(b)		1,759,332		13,599,636
Kingsoft Corp. Ltd.		3,821,400		12,616,798
Mango Excellent Media Co. Ltd., Class A		520,880		2,508,808
NetEase Inc.		7,994,660		124,240,587
Perfect World Co. Ltd., Class A		628,000		1,284,446
Tencent Music Entertainment Group, ADR^(a)		2,887,186		21,769,382


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		2,430,498	$	1,536,468


				199,874,155

Food & Staples Retailing — 0.0%
DaShenLin Pharmaceutical Group Co. Ltd., Class A		288,889		1,605,469
Yifeng Pharmacy Chain Co. Ltd., Class A		270,380		2,352,610


				3,958,079

Food Products — 1.9%
Angel Yeast Co. Ltd., Class A		260,411		1,515,260
Anjoy Foods Group Co. Ltd., Class A		87,400		2,058,605
Beijing Dabeinong Technology Group Co. Ltd., Class A^(a)		1,388,800		1,645,442
China Feihe Ltd.^(c)		13,050,000		10,459,675
China Mengniu Dairy Co. Ltd.		12,551,000		55,245,367
Chongqing Fuling Zhacai Group Co. Ltd., Class A		260,423		958,556
Dali Foods Group Co. Ltd.^(b)(c)		9,384,500		3,795,734
Foshan Haitian Flavouring & Food Co. Ltd., Class A		937,121		11,087,794
Guangdong Haid Group Co. Ltd., Class A		468,097		4,275,914
Henan Shuanghui Investment & Development Co. Ltd., Class A		875,708		3,334,033
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,475,623		6,470,242
Juewei Food Co. Ltd., Class A		156,085		1,177,244
Muyuan Foods Co. Ltd., Class A		1,357,868		9,665,493
New Hope Liuhe Co. Ltd., Class A^(a)		1,302,099		2,470,347
Tingyi Cayman Islands Holding Corp.^(b)		8,680,000		14,023,246
Uni-President China Holdings Ltd.		5,970,000		5,234,374
Want Want China Holdings Ltd.		19,097,000		12,014,140
Wens Foodstuffs Group Co. Ltd., Class A		1,736,016		4,937,859
Yihai International Holding Ltd.		1,933,000		5,627,414
Yihai Kerry Arawana Holdings Co. Ltd., Class A		312,977		2,069,321


				158,066,060

Gas Utilities — 1.2%
Beijing Enterprises Holdings Ltd.		2,170,000		7,108,207
China Gas Holdings Ltd.		11,645,600		16,284,805
China Resources Gas Group Ltd.		3,744,800		15,801,837
ENN Energy Holdings Ltd.		3,213,800		45,750,841
ENN Natural Gas Co. Ltd., Class A		571,800		1,588,420
Kunlun Energy Co. Ltd.		15,646,000		12,536,270


				99,070,380

Health Care Equipment & Supplies — 0.6%
Autobio Diagnostics Co. Ltd., Class A		141,900		1,434,344
Jafron Biomedical Co. Ltd., Class A		260,420		1,213,525
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		366,300		1,660,794
Lepu Medical Technology Beijing Co. Ltd., Class A		492,351		1,662,056
Microport Scientific Corp.^(a)(b)		2,665,300		7,561,556
Ovctek China Inc., Class A		208,640		1,032,896
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		10,255,600		16,554,233
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		293,395		13,236,723
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		161,600		1,424,226


				45,780,353

Health Care Providers & Services — 0.6%
Aier Eye Hospital Group Co. Ltd., Class A		1,797,027		8,067,751
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		520,895		2,366,579
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		120,994